Industrial activities require maintenance, repair, and operations, or MRO services. Optimal maintenance and repair procedures (MRO) can assist businesses in managing their supply chain and inventories, which is essential in manufacturing processes that call for several components.
The Asia Pacific region is anticipated to hold a significant portion of the maintenance, repair, and operations (MRO) market share due to the presence of economies such as China, India, Japan, and South Korea in the region. The presence of leading automotive manufacturers in South Korea and Japan such as Hyundai Motors, Kia Motors Ltd., Mitsubishi Motors Corporation, and Mazda Motor Corporation, creates opportunities for the MRO market.
Reportedly, the industrial output of China grew by 6.6% y-o-y in November 2023. In 2023, the manufacturing sector of India accounted for 17% of India’s economy. As a result, a surge in manufacturing and industrial activities drives maintenance, repair, and operations solutions and services demand. Additionally, the rise in advanced manufacturing techniques in the Asia Pacific, as a result of rising investments in R&D activities, is anticipated to promote the market growth in the coming years.
In May 2024, leading speciality distribution company, Distribution Solutions Group, Inc. (NASDAQ: DSGR) announced that Lawson Products, Inc. ("Lawson"), its operating company, successfully acquired S&S Automotive, Inc. ("S&S"), a top supplier of automotive and industrial parts with headquarters in Woodridge, IL, close to Chicago. Auto dealerships and collision repair facilities around North America receive automotive and industrial-class C-parts from Lawson Products' automotive-focused branch, Kent Automotive. Through this partnership, both businesses will be better able to provide consumers in this expanding industry with auto-related materials and products as well as vendor-managed inventory (VMI) services to dealerships and collision repair clients.
Figure: Automotive Production in Prominent Countries, 2023
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Market Analysis by Provider, End Use, and Region:
- The market, on the basis of provider, can be divided into OEM and aftermarket.
- Based on end use, the market can be divided into manufacturing, construction, electrical, facility, mining, aerospace and defence, automotive, food and beverages, pharmaceuticals, chemicals, and oil and gas, among others.
- The major regional markets for maintenance, repair, and operations (MRO) include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- Maintenance, repair, and operations (MRO) plays a crucial role in the automotive sector as it helps manufacturers reduce costs, improve quality, and ensure safety. China is the top automotive producer in the world with an overall production of 27 million vehicles, of which 23.8 million units are passenger vehicles and 3.2 million are commercial vehicles in 2022.
- The development of smart factories and the growth of predictive maintenance, such as the use of sensors and Industrial Internet of Things (IIoT) in cloud-based devices, are expected to propel the maintenance, repair, and operations (MRO) market growth. By replacing manufactured parts before obvious flaws show up, predictive maintenance lowers costs and minimises downtime.
- By 2030, the EU government aims to renovate 35 million buildings. The renovation wave in Europe and the emergence of (Leadership in Energy and Environmental Design) LEED-certified buildings in countries such as Italy, Spain, and the Netherlands to achieve net zero by 2050 create opportunities for the MRO services market.
- An increasing emphasis on sustainability has resulted in a shift away from replacing parts and towards repairing them, which has fuelled the demand for MRO products and services.
Key Offerings of the Report:
- The EMR report gives an overview of the global maintenance, repair, and operations (MRO) market for the periods (2019-2025) and (2026-2035).
- The report also offers the historical (2019-2025) and forecast (2026-2035) markets for the providers, end uses, and major regions of maintenance, repair, and operations (MRO).
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global maintenance, repair, and operations (MRO) market are Airgas, Inc., Applied Industrial Technologies, Electrocomponents plc, W.W. Grainger, Inc., Lawson Products, Inc, WESCO International, Inc., Wolseley Limited, ERIKS N.V, Johnson Controls, Wurth Group, Caterpillar Inc., RS Group plc, Distribution Solutions Group, Inc., Ferguson Enterprises, LLC., and Adolf Würth GmbH & Co. KG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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